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Updated Research Report on Pall - Analyst Blog

On Mar 14, 2014, we issued an updated research report on
Pall Corp.
(
PLL
). The company had earlier reported better-than-expected
quarterly results. Moreover, despite economic headwinds in some
of Pall's industrial end-markets, the company reported profits
attributable primarily to improved operational execution and
favorable impact of structural cost actions.

Pall has delivered positive earnings surprises in each of the
last 4 quarters, with an average beat of 1.90%. Moreover, Pall
delivered robust earnings in the second quarter of fiscal 2014,
which not only surpassed the Zacks Consensus Estimate but also
increased 12% on a year-over-year basis.

Following its second-quarter earnings results, Pall narrowed
the upper end of its earnings guidance for fiscal 2014 to include
the acquisition cost of ATMI LifeSciences and the negative impact
of foreign currency translation. It now expects pro forma
earnings per share (EPS) to lie in the range of $3.35 to
$3.45. Earlier, the company had expected fiscal 2014 EPS to
grow in the range of approx. $3.31 to $3.50 a share (9-15% over
$3.04 EPS reported for fiscal 2013).

The company's cost-cutting and restructuring initiatives are
reaping expected benefits. It implemented measures like staff
reduction and revamping the product portfolio across all its
businesses, especially its LifeSize business which is showing a
healthy improvement earlier than expected.

Pall Corp. enjoys remarkable financial returns and reasonable
growth prospects due to several factors, including its superior
technology, reliable global distribution and notable acquisition
strategy, high share in market niches, long and close working
histories with customers, few competitors and solid product
quality supplemented by technical services.

The company's biopharmaceutical business is expected to grow
significantly in the long run driven by increased funding in
biotechnological research, rising demand for single-use and
disposable products and an increasing number of drugs and
vaccines getting approved over time. Pall's recent acquisition of
ATMI LifeSciences business is a strategic move as it complements
Pall's existing Life Sciences segment business. It supports
Pall's current offering and broadens its already extensive
portfolio of advanced solutions for biopharmaceutical
customers.

However, the volatility of foreign currency and uncertain
global market conditions remain headwinds for this company.

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